Fannie Mae Announces Numerous Selling Policy Changes

Mortgage Origination

Recently, Fannie Mae issued Selling Guide Announcement SEL-2012-13, which updates numerous selling requirements, all of which took effect immediately. The changes clarify (i) the rights of mortgage sellers during the loan pooling, certification, and acquisition processes, (ii) that acceptance of a redelivered mortgage loan is at the sole and absolute discretion of Fannie Mae, (iii) that a lender seeking to obtain a pool purchase contract must first be evaluated by Fannie Mae, and (iv) several Guide topics regarding Fannie Mae’s delayed financing policy. Other announced changes relate to, among other things (i) premium recapture, (ii) refinances that include the financing of real estate taxes, (iii) depository accounts, (iv) reserves, and (v) HUD-1 signature requirements.